Mis-Sold PPI Plan

If you have ever signed on the dotted line in the UK, you might have been asked (or required) to add a Payment Protection Insurance (PPI) plan to your loan. There are times where a PPI plan is a good idea, and there are times when it not only is a bad idea, but not required. Some “less than reputable” companies actually force their customers into adding a PPI plan to their loan. Other, may not require it, but they do not divulge all the information that the customer needs to know. So, what is the problem with having a PPI plan? The problem is that you are losing money! If you have ever been the recipient of a mis-sold PPI plan, you are literally throwing away money.Do I Have A Mis-Sold PPI Plan?So, now you are asking whether you have a mis-sold PPI plan. Well, we can help get you started with that. The Financial Services Authority (FSA) has set up regulations that all lenders in the UK must follow. Below, we will highlight some of the most common “regulation failures” which can mean you are eligible for compensation (a refund).1. Added Without Your KnowledgeSure, we are all supposed to read the fine print thoroughly, but who has a couple of extra hours to read through all the legal jargon. Also, who really understands the legal jargon … is it mostly just the lawyers? Well, sometimes these “less than reputable” lenders slip the PPI plans into your loan without your knowledge. This helps them out by increasing their bottom line, but it does not benefit much (if at all).2. Required For Loan AcceptanceSome lenders will tell their clients that a PPI plan is necessary for their loan to be approved; this is false information and you could be eligible for compensation. It is very rare that a PPI has to be added to a loan, so if your lender states that you need this for approval, ask them for information/laws which state that.3. Convinced That Having PPI Would Help Chances Of Being ApprovedWe do not all have perfect credit. Because of this, some companies use this to their advantage. Adding a PPI plan does not help your chances of being approved. Some companies have convinced clients that adding the PPI will help them feel more comfortable with them because of their “less than stellar” credit. Sadly, if they convince you of this, you are just paying extra when you did not have too.4. Were Not Informed They May Already Be CoveredNot everyone needs another insurance to cover their loans. Sometimes they are already covered with an existing insurance plan. A lender is required to ensure the client understands this. If they do have an insurance plan, they may already be fully covered. However, a “less than reputable” lender may not divulge this information to their client, leaving them paying more than they should have from the start.If I Fit Any Of The Above, Does This Entitle Me To A Refund?Now, the above list only discussed the most common reasons for refund eligibility. Just because you do fit into one of the above category, this does not guarantee that you are entitled to compensation. Again, there are many laws set by the FSA that a lender must follow. If they do not follow these laws, then you very well could have a Mis Sold PPI plan.If you believe you have been mis-sold, then you need to immediately seek out compensation. There are several reputable companies that work with clients of mis-sold PPI plans every single day. They are well versed in the laws, and bylaws, necessary to represent you effectively. Sure, you could spend your time trying to get your money back, but why throw money at money. Let someone else work on your behalf while you continue your day-to-day activities. Of course, if you like having a headache every day, go for the gold! If you do not like headaches, leave it to a professional claim representative from ConnectedClaims.